HDFC Bank disclosed a net profit of Rs 16,372 crore for the third quarter of the fiscal year 2023-24, marking a robust 33.5 percent increase from the previous year’s Rs 12,259 crore. The reported net profit closely aligns with market expectations.
The net interest income (NII) for the quarter reached Rs 28,470 crore, reflecting a significant 23.9 percent rise compared to the corresponding quarter in the previous fiscal. However, this NII figure is slightly below the market estimates of Rs 29,554 crore.
HDFC Bank’s gross non-performing assets (NPA) increased marginally to 1.26 percent from the previous year’s 1.23 percent. Conversely, the net NPA for the quarter improved to 0.31 percent, down from 0.33 percent in the same period last year.
During the October-December quarter of FY24, the bank experienced a substantial 27.7 percent surge in total deposits, reaching Rs 28.47 lakh crore compared to Rs 22.29 lakh crore in the corresponding quarter of the previous year. Current account and savings account deposits witnessed a 9.5 percent growth, with savings account deposits at Rs 5.79 lakh crore and current account deposits at Rs 2.58 lakh crore.
HDFC Bank’s total advances showed an impressive 62.4 percent increase, reaching Rs 24.69 lakh crore. The bank’s domestic retail loans recorded a remarkable 111 percent growth, while commercial and rural loans expanded by 31.4 percent. Corporate and wholesale loans, excluding non-individual loans of eHDFC Ltd. amounting to approximately Rs 98,900 crore, saw an 11.2 percent growth.
At the close of trading, HDFC Bank shares stood at Rs 1678.95 apiece on BSE, marking a 0.42 percent increase. The bank’s robust performance demonstrates its resilience and continued growth in a dynamic economic environment.
